The North American transaction monitoring software market is anticipated to record a CAGR of 11.84% during the projected period of 2020-2028. One of the significant factors contributing to the market growth in the region is an increase in the number of financial theft, money laundering, data theft, transaction frauds, and terrorist funding. Several initiatives by organizations to minimize financial crimes further drives the market growth. In order to understand the growth of the transaction monitoring software market of North America, the region is divided into the countries of the United States and Canada.

The North American transaction monitoring software market is anticipated to record a CAGR of 11.84% during the projected period of 2020-2028. One of the significant factors contributing to the market growth in the region is an increase in the number of financial theft, money laundering, data theft, transaction frauds, and terrorist funding. Several initiatives by organizations to minimize financial crimes further drives the market growth.

In order to understand the growth of the transaction monitoring software market of North America, the region is divided into the countries of the United States and Canada. Since North America is considered as the center of various financial institutions and banks, there is an increase in the number of transaction frauds, money laundering, and various other financial thefts. In the United States, money laundering is a grave issue. The primary source of laundered funds comes from the financial system. The USA PATRIOT Act of 2001 is intended to strengthen the country’s measures to prevent, detect, and prosecute money laundering and the financial institutions to establish AML programs. Moreover, in the U.S., the surging initiatives by organizations for minimizing financial frauds are boosting the market growth. As the world is moving towards digitization and interconnections, protecting transactional data has become a critical challenge for the organizations. Federal law in the United States also criminalizes many different types of fraud, including mail fraud, bank fraud, wire fraud, tax fraud, and securities fraud. These and other fraud crimes are predicate offenses to money laundering under the US law. The organizations also need to comply with different strict rules and regulations, which is favoring the market growth. The financial institutions are obligated to follow strict customer identification programs for the verification of true identity of the customers, thereby regulating money laundering.

ACI Worldwide Inc, is one of the leading payment systems companies which provides banking solutions and power e-payments for more than 5000 financial institutions, retailers, and billers. In November 2019, ACI Worldwide announced its integration with Salesforce Commerce Cloud.

To request a free sample copy of this report, please complete the form below :

We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.

To request a free sample copy of this report, please complete the form below :
We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.